To be directed by Jonathan Levine, the film is an action-comedy and revolves around a mother-daughter duo trapped in a vacation gone wrong, said The Hollywood Reporter.
Katie Dippold, who wrote the original draft, is writing and executive producing the Paul Feig and Chernin Entertainment are producing.
If things work out the film would be a return to the big-screen for Hawn in a major way. She has not been in a movie since 2002's "The Banger Sisters".